IFRS 4 Phase II

The Impacts and Challenges

Another success story for the Firm in the last two months of 2016 came from Audit Advisory group through the “IFRS 4 Phase II – The Impacts and Challenges” seminar, which was held on 15 November 2016 at Bali Room, Hotel Indonesia Kempinski Jakarta.

This seminar was attended by more than 120 people from more than 50 insurance companies, government regulatory bodies, Indonesia Insurance Association and Actuary Association.

This seminar discussed the upcoming Insurance Accounting Standard (known as IFRS 4 Phase II) which is expected to transform the insurance industry as it will create a major impact across the entire financial management framework, with a new financial language that will inform investors about the performance of this complex industry. IFRS 4 Phase II introduces unprecedented levels of transparency on the profit and risk levels embedded in insurance liabilities.

This event was held as Deloitte's commitment to make companies aware of the impact of IFRS 4 Phase II. These new and revised accounting standards are likely to have a significant impact on the preparation of insurance companies’ financial reports. This seminar is important to help companies stay abreast of the trends in the insurance sector and gain a competitive edge.

This seminar brought together Francesco Nagari, Deloitte Global IFRS Insurance Leader; Raj Juta, Deloitte Southeast Asia Insurance Sector Leader; and Amar Suresh Harilal Mehta, Deloitte Singapore Actuary expert as the speakers, who discussed the significant impact of these new and revised accounting standards on the preparation of insurance companies’ financial statements, as well as the new role expected and various challenges that lies ahead.

The event started at 9 AM and was opened by Rosita Uli Sinaga, Audit Advisory and Financial Services Industry Leader of Deloitte Indonesia.

We were honored to have Bapak Ahmad Nasrulla, Director of Insurance and BPJS Kesehatan Supervisory of the Financial Services Authority (OJK) to deliver the Keynote Speech and also to have Prof. Mardiasmo, MBA., Ph.D., CFrA., QIA., Ak., CA., FCMA who delivered the conclusion speech as the last session before closing remarks by Claudia Lauw Lie Hoeng, Deloitte Indonesia Country Managing Partner.

In addition to the presentation sessions, the seminar also featured a talk show on the topic “Preparing for IFRS 4 Phase II: Insurance Contracts”. Francesco Nagari, Raj Juta, Amar Suresh Harilal Mehta, Rosita Sinaga and Andi Kristianto Handoko, Deputy Director of Insurance and BPJS Kesehatan Supervisory, Financial Services Authority (OJK) were the expert panelists answering participants’ questions, led by moderator Dwi Astuti Rosmianingrum Nainggolan, Technical Director, Institute of Indonesia Chartered Accountants (IAI).

As an expression of gratitude to our speakers, panelists and moderator, Claudia Lauw Lie Hoeng handed a plaque to each of them.